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mCig, Inc. Announces Fiscal Year 2016 Financial Results (Unaudited); Revenue up $1.2 Million With Operational Improvement of $3.0 Million
mCig, Inc. Announces Fiscal Year 2016 Financial Results (Unaudited); Revenue up $1.2 Million With Operational Improvement of $3.0 Million.
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[{"type":"text","content":"\n \n \n mCig, Inc. Announces Fiscal Year 2016 Financial Results (Unaudited); Revenue up $1.2 Million With Operational Improvement of $3.0 Million\n \n \nmCig, Inc. Announces Fiscal Year 2016 Financial Results (Unaudited); Revenue up $1.2 Million With Operational Improvement of $3.0 Million\n \n HENDERSON, NV--(Marketwired - Jun 28, 2016) - mCig, Inc., (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp, and CBD markets, announced today its summarized unaudited financial results for its 2016 Fiscal Year. The annual audit is ongoing. Management believes the projected revenues will increase $1.2 million, a 247% increase over the prior fiscal year. The Net Loss from Operations improved by $3.0 million, a 235% decrease in loss. The Company's basic EPS for FY2016 is projected at (0.00). \n \n \n \n  \n  \n \n \n Unaudited\n  \n \n \n  \n  \n \n \n Sales\n  \n $\n 1,773,241\n  \n \n \n Gross Income\n  \n  \n 365,077\n  \n \n \n Income from Operations Minus Depreciation\n  \n  \n (1,275,282\n )\n \n \n Earnings Per Share\n  \n  \n (0.00\n )\n \n \n  \n  \n  \n  \n  \n \n \n Sales increase from prior period\n  \n $\n 1,263,284\n  \n \n \n Sales increase from prior period as a percent\n  \n  \n 247.72\n %\n \n \n  \n  \n  \n  \n  \n \n \n Net Loss decrease from prior period\n  \n  \n 2,984,206\n  \n \n \n Net Loss decrease from prior period as a percent\n  \n  \n 235.25\n %\n \n \n  \n  \n  \n  \n  \n \n \n Earnings Per Share (Basic) increase from prior period\n  \n  \n 0.02\n  \n \n \n  \n  \n  \n  \n  \n \n \n \n Michael Hawkins, Interim Chief Financial Officer, stated, \"The increase in revenue is a direct result of the strategic movement into the CBD markets. The Company has seen the beginning of its construction and grow division in the Fiscal Year numbers, but with a majority of the three contracts scheduled for completion in the current fiscal year, we should see further improvements in these numbers.\" He went on to say, \"The Company has significantly reduced its overhead cost, and the business is trending in the right direction.\"\n MCIG will discuss further the financial statements...